While the growing adoption of digital baking in the Philippines, most especially when the unexpected COVID-19 pandemic hit, more and more Filipinos are going digital when it comes to handling and managing their financials. Together with this switch, the selections on financial service providers are also growing by the day. GoTyme Bank is the most recent to the addition that just got launched in the Philippines.
In partnership with Gokongwei Group and Singapore-based digital banking group called Tyme - GoTyme is launched in country. Being a digital bank, we won't be seeing physical branches start popping up at malls and city streets. Instead, there will be special kiosks in Robinsons supermarkets and key locations across the Philippines where Filipinos will do their mobile banking and other financial services GoTyme offers in addition to the mobile app for Android and iOS devices.
Send, Shop, Save
So what makes this GoTyme Bank stand out among its existing competitors such as GCash, Maya, and CIMB? For one, the company promises to provide quality customer service with real humans that will be available in various channels. In addition to the "best-in-class" customer service, there will be three main services that this digital bank will cater to Filipinos. Those are free bank transfers, earn rewards points, and high interest rate for savings option.
GoTyme Bank says on their website that money transfers between GoTyme accounts will always be free, while transfers to other e-wallets and banks are free of charge 3x per week. The GoTyme account comes tied with an in-app or physical Visa debit card which users can use to shop with. When they shop at store partners such as at Robinsons stores, they can earn as much as three times the regular amount of Go Rewards points. And yes, these points can be redeemed in cash within the app.
The last but not least is the savings option. This simply allows users to save their money in their GoTyme account and enjoy "always 3% savings interest rate". What's nice about the savings part, there is no minimum balance or maximum caps to maintain in order to qualify. Any amount will do and will be eligible. Also, GoTyme is introducing the "save your change" feature which allows users to round their balance off to the nearest 10 or 100 and automatically transfer the change to the savings account.
How to register to GoTyme Bank?
There are two main ways to get started with GoTyme Bank. First is you can visit any GoTyme Bank kiosks and a bank ambassador will help you open an account or do transactions. The second option is by simply downloading the mobile app from the App Store or Google Play.
Upon registration you have to prepare your basic personal information such as name, date of birth, address and such. KYC or Know-Your-Customer verification will also be done just like with any other digital banks in the country. For this you will have to ready your valid ID for scanning. You will also need to scan your face on the app.
Once you have successfully registered you will then instantly have access to your in-app Visa debit card details such as card number, expiration date, and security code. If you would like to have a physical Visa debit card as well, you will need to visit a kiosk to print one for free.
So where you can find these GoTyme kiosks? Right now there are about 15 kiosks already deployed at Robinsons establishments. Before the year ends, GoTyme aims to install around 226 touchpoints and roughly 700 units by end of 2023.
To learn more you can visit www.gotyme.com.ph
